SAN FRANCISCO, 4th December 2020– Step, a financial services company built for teens and families raises a $50 million Series B round of funding.
The round was led by Coatue, with participation from returning investors Stripe, Crosslink Capital, Collaborative Fund, and Will Smith’s Dreamers VC.
Step also added several new investors including Charli D’Amelio, Justin Timberlake, The Chainsmokers, Eli Manning, Kelvin Beachum, Larry Fitzgerald, and Andre Iguodala alongside prominent fintech executives from the likes of Facebook, Square, Venmo, Visa, and others.
To date, Step has raised more than $75 million from investors.
“Since Step’s launch, we’ve seen massive demand for this new type of all-in-one banking solution, making it much easier for teens to learn about money management,” said CJ MacDonald, Founder and CEO at Step. “We founded Step to help improve the financial future of the next generation and this investment not only validates what we’ve built, but it will also help us continue to innovate and grow with our users.”
Launched just two months ago, Step has seen tremendous growth with over 500,000 users on the platform.
A first of its kind, Step offers users a free, FDIC insured bank account, secured spending card backed by Visa, and P2P payments platform so teens can send and receive money instantly.
Additionally, unlike its competitors, Step does not charge fees of any kind and enables teens to start building credit earlier by simply using their Step Card.